Pour 2 c. cream into a medium saucepan over medium heat and slowly bring to a boil. Lower heat and keep at a bare simmer.

Put 1 c. sugar in a heavy-bottomed saucepan over medium heat. Leave undisturbed until the sugar begins to melt and darken. Gently shake the pan to distribute the sugar and keep from burning. When all the sugar is melted and very dark amber, remove from heat.

Carefully add hot cream, stirring constantly with a wooden spoon. Don't worry if caramel hardens; it will melt as sauce boils. Return pan to heat and keep at a gentle boil for about 5 minutes, stirring constantly.

Set aside for at least 30 minutes, stirring often, until sauce is cool. Reserve 1 c. sauce for cake batter and refrigerate the rest.

Heat oven to 325 degrees. Butter and flour a 12-cup Bundt pan. Cream butter and 1 1/2 c. sugar until fluffy. Add eggs, one at a time, and mix well. Sift together flour, baking powder and salt. Gently but thoroughly fold in dry ingredients alternately with 1 c. of the caramel, beginning and ending with the dry.

Pour batter into prepared pan and bake until skewer comes out clean, 35-40 minutes. Set on rack for 10 minutes, then unmold and cool completely. Bring rest of sauce to room temperature. When cake is cool, drizzle 1/2 of the sauce on top.